ConsenSys and EY are growing the decentralized finance movement, an innovative monetary system that uses public blockchains to power financial transactions and services without banks or traditional middlemen. The two companies are collaborating on Baseline Protocol, a new project that allows big businesses to access applications on the Ethereum blockchain while protecting financial privacy. Twelve additional companies are supporting the protocol, including Microsoft, AMD and ChainLink.
John Wolpert, the group executive for ConsenSys, says that businesses struggle with public blockchains when working with partners, and often balk at the lack of privacy options. Baseline, he says, will help minimize concerns. The protocol uses messaging, algorithms and other techniques to sync and compartmentalize information so that data remains private.
EY Global blockchain leader Paul Brody says,
“Over the last two years, we have been advancing the state of the art for private, secure transactions on public blockchains. This takes the groundwork we have built and starts filling in gaps such as enterprise directories and private business logic, so companies will be able to run end-to-end processes like procurement with strong security.”
Using tokenization and decentralized finance solutions, Baseline makes sure corporate assets and activities are shielded from unauthorized parties, and can work with existing legacy systems.
Says Yorke Rhodes, Microsoft’s principal program manager for blockchain,
“Microsoft Azure has been building production-ready offerings that give our enterprise customers direct access to blockchain technologies up and down the stack. For the Ethereum mainnet we are imbuing enterprise cloud scale principles in the solution without compromising information security.
Baseline is helping to create an opportunity for compelling solutions that can drive new value for enterprises while extending the value of the products our customers and partners have been using for years.”
Companies joining Baseline Protocol
Featured Image: Shutterstock/Jacob Lund